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Thread: Powell Says No To Gold Standard - Who Should Run the Federal Reserve?

  1. #1

    Powell Says No To Gold Standard - Who Should Run the Federal Reserve?

    Federal Reserve Chairman Jerome Powell Tells Congress a Gold Standard is a Bad Idea

    https://smaulgld.com/powell-says-no-to-gold-standard-who-should-run-the-federal-reserve/


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  3. #2
    Powell said it won't happen? Well that settles it. Gold backing coming soon. Bankers lie about everything. Only believe something once it is officially denied...
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  4. #3
    Quote Originally Posted by devil21 View Post
    Powell said it won't happen? Well that settles it. Gold backing coming soon. Bankers lie about everything. Only believe something once it is officially denied...
    It's not the Fed's decision- congress would have to pass a law.
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  5. #4
    Quote Originally Posted by Smaulgld View Post
    It's not the Fed's decision- congress would have to pass a law.
    It isn't the decision of Congress either. The people can decide no matter what the law says.

    Also, no one should run the Fed. Abolish the Fed isn't just a slogan.

  6. #5
    Quote Originally Posted by PierzStyx View Post
    It isn't the decision of Congress either. The people can decide no matter what the law says.

    Also, no one should run the Fed. Abolish the Fed isn't just a slogan.

    The people can't decide unilaterally whether the government will have a gold standard. They can only "decide" via elected representatives who would pass legislation to implement a gold standard.

    You can eliminate the fed ( and the entire fed reserve system) and either replace it with a national bank run by the treasury or eliminate the fed and replace it with nothing
    Last edited by Smaulgld; 07-11-2019 at 03:28 PM. Reason: typo
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  7. #6
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    I think we all know that a gold standard would be good for the people and bad for the bankers and politicians... thus it is extremely unlikely to ever be restored.
    Citizen of Arizona
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    I am a libertarian. I am advocating everyone enjoy maximum freedom on both personal and economic issues as long as they do not bring violence unto others.

  8. #7
    Quote Originally Posted by Smaulgld View Post
    The people can't decide unilaterally whether the government will have a gold standard. They can only "decide" via elected representatives who would pass legislation to implement a gold standard.

    You can eliminate the fed ( and the entire fed reserve system) and either replace it with a national bank run by the treasury or eliminate the fed and replace it with nothing
    Actually Congress would have to be the one to get rid of the Fed too.

  9. #8
    Quote Originally Posted by Smaulgld View Post
    It's not the Fed's decision- congress would have to pass a law.
    It's quite obvious that Congressional leadership (Schumer and Pelosi represent two of three largest US banking cities, for example) will do whatever the bankers tell them to do, then they'll make their respective parties fall in line. Not that it's anything new, of course. Please don't tell me that you don't know that the bankers OWN Congress?!?!

    Quote Originally Posted by Cleaner44 View Post
    I think we all know that a gold standard would be good for the people and bad for the bankers and politicians... thus it is extremely unlikely to ever be restored.
    Unless they have control of all the gold first and then tie it to something new that they introduced, like a cryptocurrency. Meet new boss, same as old boss, just a new suit and haircut.
    Last edited by devil21; 07-11-2019 at 05:23 PM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



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  11. #9
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    Quote Originally Posted by devil21 View Post
    It's quite obvious that Congressional leadership (Schumer and Pelosi represent two of three largest US banking cities, for example) will do whatever the bankers tell them to do, then they'll make their respective parties fall in line. Not that it's anything new, of course. Please don't tell me that you don't know that the bankers OWN Congress?!?!



    Unless they have control of all the gold first and then tie it to something new that they introduced, like a cryptocurrency. Meet new boss, same as old boss, just a new suit and haircut.
    Don't you think the bankers much more money from inflating the money supply than they would from having control of all of the gold? I don't think I understand your premise.
    Citizen of Arizona
    @cleaner4d4

    I am a libertarian. I am advocating everyone enjoy maximum freedom on both personal and economic issues as long as they do not bring violence unto others.

  12. #10
    a gold standard wouldn't work today.

  13. #11
    Quote Originally Posted by Cleaner44 View Post
    Don't you think the bankers much more money from inflating the money supply than they would from having control of all of the gold? I don't think I understand your premise.
    Currency inflation is in end stages, because we're hitting the law of diminishing returns. They have to change the game and 'reset' it eventually. What better way than to hoard up all metal (real money) at artificially suppressed prices via paper metals markets and then reset and declare the new currency gold backed? Few will have any metals of their own and will be at the complete mercy of the bankers, while their own "old money" holdings take a giant haircut, if not declared worthless?

    The real question to ask yourself is, "If I were a banker and I wanted to take over the entire world, how would I do it?" Watching your own cash wealth evaporate as currencies are destroyed wouldn't be part of your plan, would it?

    Quote Originally Posted by kfarnan
    a gold standard wouldn't work today.
    Gold standard isn't the same as gold backing. Powell is sorta telling the truth when he says no gold standard coming. What that implies is that gold backing (no redemption) is still very much an option, however. Bankers choose their words precisely so technically he's not lying but he's lying by omission using word games. We see the same tactics from Zippy all the time on econ/banking threads.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  14. #12
    The country should abolish the "Federal Reserve System", print its own currency and pay back the debt with the new currency.

    Here is my opinion on gold standards in the 21st Century:

    • Is that not very carefully contrived language? "The full faith and credit of the United States" There is a sublime irony here. The irony is in the dual-meaning of the phrase. Legally, it is not a financial term at all, as written in the Constitution (link) As it applies to the Federal Reserve Notes, the term accidentally reveals the nature of the relationship between the Nation and the Lender Institution: The U.S. is the borrower, and its debt notes are backed by faith in its credit score, or its ability to pay back the loan. Could it truly be that some of the worst politicies of our government are rooted in cause to this debt? It could be argued; for who founded Israel except the House of Rothschild and its daughter institutions such as the World Bank and IMF? Who wages wars against the remaining sovereign powers not controlled by their central banks? The debtor U.S. does., which media plots and lies against all the world it does not own? Their media. Are we seeing a trend here? Of course.

    • I am not alone in this... I do not favor a gold standard, silver standard or any standard based upon natural resources. I believe that it's usefulness has long past, that stability and "full faith and credit" need not lie in precious metals, that they act in vulnerability and stricture and are not accurate representations of national worth, and that continuing to extract and expand mining on this planet is fraught with deleterious repurcussions. This being said, if the only way to commit to change for the better is a slavish adherence to the Constituton without amending it, weights & measures could enforce the legal recipes. Not redeemable ON DEMAND, but "the value thereof" determined by. Redemption could be offered in some limited circumstances. The problems with mass redemption on demand in this current world include skyrocketing demand for the precious metals, vastly increased mining, and a certain street crime uptick. It would be better to provide the linkage through a set equation to a mostly static amount of precious metals. Encapsulating all, so-called free-markets could not be allowed to continue to set the price of these metals. To do so would violate the Congressional prerogative as expressed by the Constitution. How can we set the value of a gold currency if the price of gold is manipulated to our detriment by international banking cartels? We cannot. Therefore anyone who tells you they want a return to the gold standard but also wish to retain the liberal gold markets has ulterior motives or is naive. Those banking cartels price the gold and silver already, and they are also why I would argue that buying the metals is not a slam-dunk investment for most people without extended holding timelines, and my environmental sympathies place ecology and indigenous rights of self-determination over the unhinged profit motive.

  15. #13
    Quote Originally Posted by devil21 View Post
    It's quite obvious that Congressional leadership (Schumer and Pelosi represent two of three largest US banking cities, for example) will do whatever the bankers tell them to do, then they'll make their respective parties fall in line. Not that it's anything new, of course. Please don't tell me that you don't know that the bankers OWN Congress?!?!



    Unless they have control of all the gold first and then tie it to something new that they introduced, like a cryptocurrency. Meet new boss, same as old boss, just a new suit and haircut.
    And boom goes the dynamite:

    Bank of England Carney urges replacing dollar with cryptocurrency.
    https://www.zerohedge.com/news/2019-...g-dollar-libra

    Of course, such a new system would bring about the end of US hegemony, and effectively end the dollar-based global financial system, dramatically scaling back the US's influence in the global economy, and making rising powers like China and Russia critical players an increasingly multipolar world.... especially if they propose a gold-backed dollar alternative to the world. That this would quickly emerge as the new reserve currency - together with whatever stablecoin/crypto central bankers deign to be the dollar's replacement - goes without saying.
    The quote is ZH take on the statement as Carney doesn't specifically say crypto with a gold backing....but he will soon enough.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  16. #14
    Quote Originally Posted by devil21 View Post
    And boom goes the dynamite:

    Bank of England Carney urges replacing dollar with cryptocurrency.
    https://www.zerohedge.com/news/2019-...g-dollar-libra



    The quote is ZH take on the statement as Carney doesn't specifically say crypto with a gold backing....but he will soon enough.
    If it is a global currency, whose gold would back it?

    If it were to happen, it would be a government/ central bank controlled currency and not backed by gold. (see my question about backing it).
    Last edited by Zippyjuan; 08-25-2019 at 11:52 AM.

  17. #15
    Quote Originally Posted by Zippyjuan View Post
    If it is a global currency, whose gold would back it?
    Why, the world's gold, of course. Doesn't really matter if it's not readily redeemable for physical gold, does it?
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  18. #16
    Quote Originally Posted by devil21 View Post
    Why, the world's gold, of course. Doesn't really matter if it's not readily redeemable for physical gold, does it?
    If it is not redeemable in physical gold, it is not gold backed.



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  20. #17
    Gold is at an all time high in 50 currencies.

  21. #18
    Quote Originally Posted by Cleaner44 View Post
    I think we all know that a gold standard would be good for the people and bad for the bankers and politicians... thus it is extremely unlikely to ever be restored.
    As long as inflation stays relatively low it'll never happen. But if we get really high inflation or especially hyper inflation, all bets are off. At that point the world is going to look completely different (who knows what it'll look like?) and any current predictions will be out the window. Governments love fiat currency but I don't think they'll be able to force a failing currency on an unwilling population.

  22. #19
    Quote Originally Posted by Zippyjuan View Post
    If it is not redeemable in physical gold, it is not gold backed.
    Every once in a while Zippy makes more sense than somebody else around here.
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  23. #20
    Quote Originally Posted by Zippyjuan View Post
    If it is not redeemable in physical gold, it is not gold backed.
    Says who? Bankers love their word games, as you well know. It means whatever they want it to mean when they tell Congress to write it a certain way.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  24. #21
    Quote Originally Posted by devil21 View Post
    Says who? Bankers love their word games, as you well know. It means whatever they want it to mean when they tell Congress to write it a certain way.
    Would you say that the dollar is currently gold backed then? How do you define a "gold backed currency"?

    (the dollar can currently be exchanged for gold- you just go to a coin dealer instead of the government- or buy gold coins through the Treasury).

  25. #22
    Quote Originally Posted by Zippyjuan View Post
    Would you say that the dollar is currently gold backed then? How do you define a "gold backed currency"?

    (the dollar can currently be exchanged for gold- you just go to a coin dealer instead of the government- or buy gold coins through the Treasury).
    Gold can be purchased but no I wouldn't say the FRN is gold-backed or on a gold-standard because of it. Only if there were a way to redeem FRNs for the Treasury's set gold value of $42.22, directly from the Treasury, would I call it gold-backed or a gold-standard. In fact, I have studied that particular topic at length but have yet to figure it out entirely. Reminds me that I need to get back on that course of study...I do believe there is a way to do it but there's only so many hours in a day to direct toward such an intensive topic.
    Last edited by devil21; 08-26-2019 at 11:25 AM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  26. #23
    Quote Originally Posted by Smaulgld View Post
    The people can't decide unilaterally whether the government will have a gold standard. They can only "decide" via elected representatives who would pass legislation to implement a gold standard.

    You can eliminate the fed ( and the entire fed reserve system) and either replace it with a national bank run by the treasury or eliminate the fed and replace it with nothing
    That's true.

    But we can damned well decide to give up on those incredible shrinking debt stamps and barter with each other using gold.

    Quote Originally Posted by Swordsmyth View Post
    Every once in a while Zippy makes more sense than somebody else around here.
    He makes more sense than you every single day.

    That doesn't mean he ever makes a lick of sense.
    Last edited by acptulsa; 08-26-2019 at 11:24 AM.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  27. #24
    Quote Originally Posted by acptulsa View Post
    He makes more sense than you every single day.

    That doesn't mean he ever makes a lick of sense.
    Thanks...I think?
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



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  29. #25
    Quote Originally Posted by devil21 View Post
    Gold can be purchased but no I wouldn't say the FRN is gold-backed or on a gold-standard because of it. Only if there were a way to redeem FRNs for the Treasury's set gold value of $42.22, directly from the Treasury, would I call it gold-backed or a gold-standard. In fact, I have studied that particular topic at length but have yet to figure it out entirely. Reminds me that I need to get back on that course of study...
    That is a very narrow definition of a gold backed currency- unless you can get gold for the price of $42.22 a gold standard does not exist. It means the US was only under a true gold standard in 1972 (the only year gold was that price). That is a number you will never see again.

    The $42.22 price of gold was government determined price of gold when the Fed transferred all US gold reserves to the US Treasury. It is not the current price of gold nor a free market price but a bookkeeping figure.

  30. #26
    Quote Originally Posted by devil21 View Post
    Thanks...I think?
    I was damning Zippy with that faint praise, not you.

    But I'd be pleased to condemn you with praise only slightly less faint, if you like. You make more sense than both of them put together. Every day.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  31. #27
    Quote Originally Posted by Zippyjuan View Post
    That is a very narrow definition of a gold backed currency- unless you can get gold for the price of $42.22 a gold standard does not exist.
    So then we agree that the FRN is not currently gold-backed/gold-standard, as long as the current statutes on such are in effect.

    The $42.22 price of gold was government determined price of gold when the Fed transferred all US gold reserves to the US Treasury. It is not the current price of gold nor a free market price but a bookkeeping figure.
    Yes, and they've never updated it once, even as the purchasing power of the FRN has dropped to practically nothing since then. Someone has been taking that gold, it seems (since no one wants to perform a real audit/assay), so the question becomes how and why? I know you'll spout the usual 8000 tons in deep storage blah-blah but no one really believes that any more. It's almost like a different legal status is entitled to the real money (Sovereign?) while the slave/chattel legal status (U.S. Citizen) is only entitled to use monopoly currency only.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  32. #28
    Quote Originally Posted by devil21 View Post
    So then we agree that the FRN is not currently gold-backed/gold-standard, as long as the current statutes on such are in effect.



    Yes, and they've never updated it once, even as the purchasing power of the FRN has dropped to practically nothing since then. Someone has been taking that gold, it seems (since no one wants to perform a real audit/assay), so the question becomes how and why? I know you'll spout the usual 8000 tons in deep storage blah-blah but no one really believes that any more. It's almost like a different legal status is entitled to the real money (Sovereign?) while the slave/chattel legal status (U.S. Citizen) is only entitled to use monopoly currency only.
    "I have no proof whatsoever but somebody must be stealing all that gold!"

    So since the price of gold was almost never $42 an ounce and there can only be a gold backed currency at $42 an ounce, the US has never had gold backed currency and it doesn't matter anyways since all the gold was stolen by the elites. Let's go back to the gold standard!

  33. #29
    Quote Originally Posted by Zippyjuan View Post
    "I have no proof whatsoever but somebody must be stealing all that gold!"

    So since the price of gold was almost never $42 an ounce and there can only be a gold backed currency at $42 an ounce, the US has never had gold backed currency and it doesn't matter anyways since all the gold was stolen by the elites. Let's go back to the gold standard!
    It's always a shame when you go into hyperbolic attack mode after a reasonably informative and civil exchange.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  34. #30
    https://www.federalreserve.gov/faqs/...-hold-gold.htm

    The Gold Reserve Act of 1934 required the Federal Reserve System to transfer ownership of all of its gold to the Department of the Treasury. In exchange, the Secretary of the Treasury issued gold certificates to the Federal Reserve for the amount of gold transferred at the then-applicable statutory price for gold held by the Treasury.

    Gold certificates are denominated in U.S. dollars. Their value is based on the statutory price for gold at the time the certificates are issued. Gold certificates do not give the Federal Reserve any right to redeem the certificates for gold.

    The statutory price of gold is set by law. It does not fluctuate with the market price of gold and has been constant at $42 2/9, or $42.2222, per fine troy ounce since 1973. The book value of the gold held by the Treasury is determined using the statutory price.

    Although the Federal Reserve does not own any gold, the Federal Reserve Bank of New York acts as the custodian of gold owned by account holders such as the U.S. government, foreign governments, other central banks, and official international organizations. No individuals or private sector entities are permitted to store gold in the vault of the Federal Reserve Bank of New York or at any Federal Reserve Bank.

    A small portion of the gold held by the U.S. Treasury (roughly $600 million in book value)--about five percent--is held in custody for the Treasury by the Federal Reserve Banks, as fiscal agents of the United States. The vast majority of this gold is located in the vault at the Federal Reserve Bank of New York, and a very small portion is on display in several Federal Reserve Banks. The remaining 95 percent of U.S. Treasury gold ($10.4 billion in book value) is held in custody for the Treasury by the U.S. Mint.



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